Performance Highlights
The key numbers from our 4Q 2024 Profit & Loss
| (USD MM) | 4Q 2024 | 4Q 2023 | YoY Amount Change | 4Q 2024 | 3Q 2024 | QoQ Amount Change |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue from rendering of services | 117.1 | 84.6 | +32.5 | 117.1 | 150.2 | (33.1) |
| Reversal of impairment loss on property, plant and equipment | 9.9 | 0.3 | +9.6 | 9.9 | - | +9.9 |
| Netgain on foreign exchange | 1.0 | - | +1.0 | 1.0 | - | +1.0 |
| Interest income and other income | 0.4 | 0.4 | +0.0 | 0.4 | 0.7 | (0.3) |
| Total income | 128.4 | 85.3 | +43.1 | 128.4 | 150.9 | (22.5) |
| Expense | ||||||
| Costs of rendering of services | 109.7 | 74.4 | +35.3 | 109.7 | 138.6 | (28.9) |
| Administrative expenses | 7.3 | 5.2 | +2.1 | 7.3 | 6.7 | +0.6 |
| Net loss on foreign exchange | - | 0.9 | (0.9) | - | 2.7 | (2.7) |
| Finance costs | 2.0 | 1.6 | +0.4 | 2.0 | 2.2 | (0.2) |
| Total expenses | 119.0 | 82.1 | +36.9 | 119.0 | 150.2 | (31.2) |
| Profit from operation | 9.4 | 3.2 | +6.2 | 9.4 | 0.7 | +8.7 |
| Share of profit (loss) of joint ventures and associate | 1.3 | 2.0 | (0.7) | 1.3 | 0.5 | (0.8) |
| Profit before income tax expense | 10.7 | 5.2 | +5.5 | 10.7 | 1.2 | +9.5 |
| Tax expense | 1.0 | 0.8 | +0.2 | 1.0 | 0.1 | +0.9 |
| Profit for the period | 9.7 | 4.4 | +5.3 | 9.7 | 1.1 | +8.6 |
| Earnings per share (US Cents) | 0.7 | 0.3 | +0.4 | 0.7 | 0.1 | +0.6 |
| EBITDA | 9.6 | 10.9 | (1.3) | 9.6 | 10.7 | (1.1) |
| Net Profit Before Net Loss on Foreign Exchange | (0.2) | 4.1 | (4.3) | (0.2) | 1.1 | (1.3) |
Total Order Book
- Cable Lay
- Subsea IRM
- T&I and Decommissioning
Order Book by Region
At the end of December 2024,the order book was at USD 788 m.
Mermaid Group has secured multiple project awards in the South East Asia, Middle East, North Sea and Western Sub-Sahara regions for both the short-term and thelong-term through to FY2027. The order book included Cable Laying, Subsea Pipeline Tie-in, Inspection, Repair & Maintenanceand T&I and Decommissioning services.